According to a recent survey, seven in 10 Brits are concerned that the autumn budget will exacerbate their financial pressures, with many fearing increased costs and reduced spending power.
A study of 2,000 adults found 73 per cent are concerned about the impact the Budget could have on their finances over the coming months, including 27 per cent who are very concerned. And uncertainty around household finances is already making people more considered about spending, with 54 per cent becoming more cautious when it comes to major purchases.
Six in 10 (60 per cent) also feel more price-conscious about what they buy than they did 12 months ago. The study conducted by Currys found shoppers look to get the most for their money and 61 per cent compare prices between retailers when planning a major purchase.
Almost half (46 per cent) save up before buying and 45 per cent spend longer researching a product before committing. Others are putting off replacing things altogether, with 28 per cent repairing what they already own for longer, while 22 per cent will opt for a cheaper alternative.
Ed Connolly, from the retailer, said: “Uncertainty around household finances is making people think more carefully about when and where they spend, particularly on bigger purchases.
“Shoppers are doing their homework, comparing prices and becoming increasingly savvy about what represents a genuinely good deal.
“We’re focused on helping customers make confident buying decisions and get great value on the technology and appliances they want or need.
“Black Friday can be an important moment for people who know what they’re looking for and are prepared to wait for the right deal.”
With Black Friday approaching, two thirds (66 per cent) are likely to wait for a sale rather than pay full price for a major technology or appliance purchase. And 43 per cent have previously deliberately timed or delayed buying something so they could get it during Black Friday or another major sales event. A further 36 per cent haven’t done this before but would consider it.
Those waiting have an average of £528 earmarked to spend, with Christmas presents (41 per cent) topping their lists, followed by clothing and fashion (34 per cent) and small kitchen appliances (20 per cent). The OnePoll.com study found 46 per cent of all respondents always or often check what a product costs before Black Friday to work out whether a deal is genuine, while a further 22 per cent sometimes do so.
And among those who check Black Friday deals, seeing a product’s price history was the number one thing that would make them believe an offer was genuinely a bargain (24 per cent). This was followed by seeing the previous selling price clearly (14 per cent), while 11 per cent would be convinced by a trusted retailer and the same proportion by an independent price comparison.
When it comes to deciding whether a Black Friday deal represents genuinely good value, just six per cent said the size of the percentage discount matters most. Instead, shoppers place greater importance on knowing it is a product they genuinely need or want (18 per cent), the final price they will actually pay (15 per cent), and getting a better-quality product for a lower price (14 per cent).